American banking major Wells Fargo has decided to close its Chennai office and consolidate its India operations into just two core locations – Bengaluru and Hyderabad.
The financial services major’s offices in India are located in Bengaluru, Chennai, and Hyderabad currently and the company plans to gradually phase out its Chennai office by end of 2027.
Sources told businessline that Wells Fargo employees in Chennai were briefed earlier this week about the closure of Chennai office in phases going up to end of 2027, by which time all employees will be required to move to either Bengaluru or Hyderabad.
While no specific reasons were given, this was attributed to the company’s “India location strategy.” Employees businessline spoke to conveyed dilemma as to their next steps.
The employees were informed by their teams that this is in line with overall enterprise location strategy and was done to “provide more robust career growth opportunities” and serve customers better. “We expect most Chennai employees to have the opportunity to relocate to either Bengaluru or Hyderabad,” an internal communicated added. India and the Philippines continue to be important locations for company’s global delivery strategy, it said.
Wells Fargo’s global delivery operations include substantial presence in India and Philippines. The operations in India span business operations, corporate functions, and technology teams, who support Wells Fargo’s various lines of business.
This comes at a time when Chennai has gained reputation as a hub for GCCs in the banking and financial services space. Standard Chartered, Barclays, Mizuho, and BNY Mellon are among large financial services GCCs already present here.
As per industry sources, Wells Fargo has around 10,000 employees across Chennai, Hyderabad and Bengaluru with Chennai being the smallest office of the three sites. The number of employees in Chennai could not be ascertained but is expected to be in thousands of employees.
Businessline’s queries to Wells Fargo remained unanswered at the time of writing.
Published on May 7, 2025
